MIRA
INFORM REPORT
|
Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TERMOKAP PLASTIK URUNLERI HIRDAVAT GIDA SANAYI VE TICARET A.S. |
|
|
|
|
Formerly Known As : |
TERMOKAP PLASTIK URUNLERI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Eski Hadim Koyu Yolu 1. Sok No:32 Buyukcekmece Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
23.06.1999 |
|
|
|
|
Com. Reg. No.: |
422511 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Foam Glasses, Cups… |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
EUR 890,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TERMOKAP PLASTIK URUNLERI HIRDAVAT GIDA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office&Production Plant: Eski
Hadim Koyu Yolu 1. Sok No:32 Buyukcekmece Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-886 11 76 |
|
FAX NUMBER |
: |
90-212-886 11 79 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beylikduzu / 8400111325 |
|
|
|
REGISTRATION NUMBER |
: |
422511 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
23.06.1999 (Commercial Registry Gazette
Date/No: 28.06.1999/4821) |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 2,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 2,000,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
:TERMOKAP PLASTIK URUNLERI SANAYI VE
TICARET A.S. |
|
|
|
|
Name Changed On |
:23.11.2006 (Commercial Registry Gazette
Date/No: 28.11.2006/6692) |
|
|
|
|
Previous Registered Capital |
:YTL 1,000,000 |
|
|
|
Regist. Capital Changed on |
:21.12.2004 (Commercial Registry Gazette
Date/No: 24.12.2004/6205) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Yusuf Karakus Hasan Karakus Yunus Karakus Levent Karakus Yucel Karakus |
25 % 25 % 25 % 12,5 % 12,5 % |
|
SISTER COMPANIES |
: |
-Karakus Tekstil ve Orme Sanayi ve Ticaret
Ltd Sti -Karakus Hirdavat Sanayi ve Ticaret Ltd
Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Yusuf Karakus Hasan Karakus Yucel Karakus |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of foam glasses,
cups… |
|
|
TRADEMARK(S) |
: |
“Termokap” |
|
|
NUMBER OF EMPLOYEES |
: |
30 |
|
|
NET SALES |
: |
(YTL) 3,555,442 3,760,950 3,909,501 |
(2005) (2006) (2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT COUNTRIES |
: |
China, Taiwan |
|
|
MERCHANDISE
IMPORTED |
: |
Raw materials |
|
|
EXPORT VALUE |
: |
(YTL) 152,341 11,479 255,637 |
(2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Hungary, Iraq, Russia, Romania… |
|
|
MERCHANDISE
EXPORTED |
: |
Foam glasses, cups |
|
|
PREMISES |
: |
Head Office&Production Plant: Eski
Hadim Koyu Yolu 1. Sok No:32 Buyukcekmece Istanbul |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS |
: |
Steady |
|
SIZE
OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Istoc branch in Istanbul Akbank
Istoc branch in Istanbul Halk Bankasi Istoc branch in Istanbul T.Is
Bankasi Istoc branch in Istanbul |
|
CREDIT FACILITIES |
: |
The
subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
High |
In 2006 |
In order |
In 2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 890,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
986.444 |
|
0,28 |
|
1.555.078 |
|
0,37 |
|
|
|
Cash and
Banks |
397.999 |
|
0,11 |
|
498.591 |
|
0,12 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
457.496 |
|
0,13 |
|
539.219 |
|
0,13 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
107.916 |
|
0,03 |
|
420.502 |
|
0,10 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
23.033 |
|
0,01 |
|
96.766 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
2.541.841 |
|
0,72 |
|
2.675.767 |
|
0,63 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
2.538.279 |
|
0,72 |
|
2.675.663 |
|
0,63 |
|
|
|
Intangible Assets |
2.914 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
648 |
|
0,00 |
|
104 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
3.528.285 |
|
1,00 |
|
4.230.845 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
97.883 |
|
0,03 |
|
624.048 |
|
0,15 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
26.000 |
|
0,01 |
|
|
|
Accounts
Payable |
73.286 |
|
0,02 |
|
551.649 |
|
0,13 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
24.597 |
|
0,01 |
|
46.399 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
851.143 |
|
0,24 |
|
622.891 |
|
0,15 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
851.143 |
|
0,24 |
|
622.891 |
|
0,15 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
2.579.259 |
|
0,73 |
|
2.983.906 |
|
0,71 |
|
|
|
Paid-in
Capital |
2.000.000 |
|
0,57 |
|
2.000.000 |
|
0,47 |
|
|
|
Inflation
Adjustment of Capital |
449.940 |
|
0,13 |
|
449.940 |
|
0,11 |
|
|
|
Reserves |
217.752 |
|
0,06 |
|
217.752 |
|
0,05 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-203.960 |
|
-0,06 |
|
-88.432 |
|
-0,02 |
|
|
|
Net
Profit (loss) |
115.527 |
|
0,03 |
|
404.646 |
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
3.528.285 |
|
1,00 |
|
4.230.845 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.555.442 |
|
1,00 |
|
3.760.950 |
|
1,00 |
|
3.909.501 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.468.921 |
|
0,69 |
|
2.257.428 |
|
0,60 |
|
3.252.726 |
|
0,83 |
|
|
|
Gross Profit |
1.086.521 |
|
0,31 |
|
1.503.522 |
|
0,40 |
|
656.775 |
|
0,17 |
|
|
|
Operating
Expenses |
978.920 |
|
0,28 |
|
1.068.817 |
|
0,28 |
|
501.342 |
|
0,13 |
|
|
|
Operating Profit |
107.601 |
|
0,03 |
|
434.705 |
|
0,12 |
|
155.433 |
|
0,04 |
|
|
|
Other
Income |
8.758 |
|
0,00 |
|
19.984 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
832 |
|
0,00 |
|
50.043 |
|
0,01 |
|
1.674 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
3.477 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
115.527 |
|
0,03 |
|
404.646 |
|
0,11 |
|
150.282 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
115.527 |
|
0,03 |
|
404.646 |
|
0,11 |
|
150.282 |
|
0,04 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
10,08 |
|
|
|
2,49 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
8,74 |
|
|
|
1,66 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,03 |
|
|
|
0,10 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,13 |
|
|
|
0,13 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,72 |
|
|
|
0,63 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
22,88 |
|
|
|
5,37 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,38 |
|
|
|
1,26 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,01 |
|
|
|
0,89 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,73 |
|
|
|
0,71 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,03 |
|
|
|
0,15 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,27 |
|
|
|
0,29 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,04 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,12 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,11 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
46,32 |
|
|
|
51,61 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
10,69 |
|
|
|
87,97 |
|
|
|
-- |
|
|
|
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)